Bitcoin Cash Apps Are Growing After One Year of the First Block
A year ago, Bitcoin Cash was born after splitting from Bitcoin’s network. This was a very important moment in the crypto market because Bitcoin had several problems to scale that Bitcoin Cash (BCH) was able to solve.
The cryptocurrency was able to increase its block size with the intention to allow more transactions, reduce fees, and receive more users. Bitcoin was becoming very slow and expensive to be used. Moreover, credit card networks were much faster and reliable than BTC; and this is what BCH tried to change.
Since that moment BCH registered important milestones. In the last months, BCH was able to increase the block limit to 32 MB and offer smart contracts. This would help potentiate the benefits of BCH in the cryptocurrency world.
At the same time, Bitcoin Cash is offering very interesting applications that developers have built during the last year. There are some apps that allow users to send cheaper and faster payments, or use a social networks resistant to censorship.
Additionally, some developers are trying to bring smart contracts to Bitcoin Cash, creating a much more complex and interesting chain to look at.
Eli Afram, founder of Bitcoin Cash Australia, commented on the matter:
“The tremendous accomplishments that the bitcoin cash community has managed to garner in a year of existence with a new ticker, wallets and an all-around ecosystem has been phenomenal, and we hope to continue and increase on this trajectory.”
For several developers Bitcoin Cash is very attractive because of the space it offers. An example of this is the application known as Memo.cash, where users can enjoy a social network similar to twitter but based on Bitcoin Cash’s blockchain. Every single message written is stored on the blockchain and cannot be erased.
It’s not possible to run these applications on the Bitcoin network because it does not have the enough space needed to implement those apps.
“Many of these apps cannot work on the bitcoin network, simply because of certain limiting changes that have been made to the codebase. For example, the OP_RETURN function on bitcoin cannot take the same size payload as bitcoin cash, meaning an app like Memo would have a restrictive message size limit,” Mr. Afram explained about it.
But having more space is not everything we need to mention. The network has reduced fees as well. This is very important because users can send more and more transactions without having to spend important sums of money just on transactions. This can be achieved because there is more space on each blok.
Another amazing app that is helping developers and tippers is GitCash, which has been launched last month. Due to the fact that Bitcoin Cash has very low fees and fast transaction times, it is possible to send small tips (no matter how small) to developers working on Github.
These applications have also been created to show that even when the number of transactions increases and the usage is higher, network fees always remain low.
But most of these developers compare these applications and the low fees of Bitcoin Cash with those of Bitcoin when the network was congested and during its best moment. At the moment, Bitcoin has low fees and it is possible to use it smoothly.
Bitcoin Cash supporters are sure that in the future, Bitcoin will face these problems once again but Bitcoin Cash will avoid them. That is, Bitcoin Cash is future-proofed.
But there are important things to improve yet. There is a big downside to increasing the amount of data that is kept on a blockchain. In the future, and as data increases, it will be more difficult for users to run the necessary infrastructure that is now making bitcoin cash tick.
In Bitcoin, instead, developers are working on the second layer scaling protocol known as the Lightning Network (LN). The LN will help the Bitcoin network scale without compromising transaction speeds or paying higher fees.
According to Alejandro de la Torre, vice president of business operations at BTC.com, Bitcoin Cash’s last hard fork increased the block size to 32 MB and eliminates the risk of network congestion.
The new system implemented by Bitcoin Cash could allow individuals in different countries to use BCH as a means of payment. Venezuela is currently living a very important crisis and registered an inflation of 1 million percent.
But transaction times and low fees are not the only interesting things happening in Bitcoin Cash. Developers are searching for ways to launch ICOs on the Bitcoin Cash network. Some weeks ago, the cryptocurrency mining company, Bitmain, released a proposal to add a token mechanism to Bitcoin Cash that is known as “Wormhole.”
Of course, there are some individuals that believe that this improvements would be harmful for the network. It could possibly introduce vulnerabilities and have a negative impact on the protocol. This would put users in danger.
In the future, we may see cryptocurrency tokens appearing in Bitcoin Cash and providing the market a new network to work with.